Forex Technical Analysis on Majors
Stoyan Mihaylov from www.deltastock.com at 01/05/10
EUR/USD
Current level-1.4415
EUR/USD is in a downtrend, after peaking at1.5146 (Nov.25,2009). Technical indicators are neutral, and trading is situated between the 50- and 200-Day SMA, currently projected at 1.4793 and 1.4169.
Yesterday's rise peaked at 1.4483 and currently a minor downtrend is on the run, testing 1.4401 support zone. We expect a break below that area to provoke a slide towards 1.4335 dynamic support. On the larger frames, the consolidation pattern above 1.4216 is still unfolding and today's dynamics will clearly show if there is a chance for a larger rebound to 1.4670 resistance. Important on the downside is 1.4257.
Minor | Intraday | Major | Intraweek | |
Resistance | 1.4482 | 1.4499 | 1.4499 | 1.5146 |
Support | 1.4335 | 1.4257 | 1.4170 | 1.3740 |
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USD/JPY
Current level - 91.96
The overall downtrend has been renewed with the recent break below 87.12. Trading is situated below the 50- and 200-day SMA, currently projected at 89.50 and 93.54.
As expected, the pair reversed below 93.40 resistance area and is currently in a downtrend towards 90.60 target area. Important resistance on the upside comes at 92.17 and crucial is 92.70.
Minor | Intraday | Major | Intraweek | |
Resistance | 92.17 | 92.70 | 93.40 | 95.60 |
Support | 91.52 | 90.60 | 89.89 | 83.45 |
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GBP/USD
Current level- 1.6072
The pair is in a downtrend after peaking at 1.7042. Trading is situated between the 50- and 200-day SMA, currently projected at 1.6454 and 1.5258.
Yesterday's test of 1.6240 resistance failed and the pair is testing 1.6030-50 support area again. We continue to think, that there is a chance for a rise towards 1.6410, but 1.6155 should give way for that idea to be confirmed.
Minor | Intraday | Major | Intraweek | |
Resistance | 1.6154 | 1.6240 | 1.6410 | 1.7042 |
Support | 1.6030 | 1.5833 | 1.5706 | 1.5352 |